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October 17th 2020
Over the years Ripple has ventured into several countries and has formed partnerships with various banks. The pandemic made the world realize the importance of digitalization and Ripple has been striving to make its mark in different parts of the globe. Vietnam seems to be the latest interest in the payments platform.
Ripple Ventures Into Vietnam With Its Latest Partnership
A LinkedIn post by Phong Nguyen, the head of fintech and project management at Orient Commercial Joint Stock Bank [OCB] gave the world insights about Ripple’s latest collaboration. Highlighting how yesterday was an “unforgettable day” for the Nguyen, he announced that the Vietnamese bank had officially become a part of the RippleNet.
The Orient Commercial Joint Stock Bank is touted as one of the most prominent and largest banks of Vietnam as it entails assets worth $4.6 billion. The bank has reportedly been working on this collaboration for over ten months. The project allowed the bank to put forth its concentration in the mobilization of multi-division resources while “aggressively” exploring and formulating business use cases.
The post further read,
“With this investment to blockchain technology which is powered by TRiple, we target to apply new technology to business in order to cut down, expense, boost productivity and bring transparency and the best service to customers with Remittance & Cross-border payment- competitive fee, instant payment.”
OCB claims to be one of the best digital banks in Vietnam as it has over 130 branches throughout the country. The bank’s clients range from small and medium businesses to retail. The latest collaboration could further give the bank a boost. Ripple is also ought to procure acceleration in the country as the country is diving into blockchain tech. However, the crypto scene in Vietnam is rather unfavorable as buying, selling, holding as well as the issuance of crypto has been banned in the country.
Nevertheless, OCB seems to be spearheading the journey towards digitalization. Expressing his gratitude towards the latest collaboration and the Ripple Singapore team, Nguyen added,
“Hopefully, together we can deliver more impressive service to Vietnamese consumer with cutting-edge financial technology.”